An update on the Catholic foundation marketplace · Update of Catholic 4 foundation data: The growth continues Investment update: 7 Importance of building a strategic endowment plan

1 ©2019 Wilmington Trust Corporation and its affiliates. All rights reserved.

e n d o w n m e n t s a n d f o u n d at i o n s

Catholic Foundations Continue to Advance in the United StatesAn update on the Catholic foundation marketplace

JANUARY 2019

Executive summary

In 2016, we released one of the first studies on religious-based fundraising

foundations, The Advancement of Religious-Based Fundraising Foundations in the

United States. We examined religious giving and focused on the use of stand-alone

fundraising foundations, a strategy that many types of religious organizations are

utilizing to spur overall donations, especially endowment giving.

More specifically, we focused on Catholic diocese foundations or Catholic

community foundations, which are separate legally formed foundations used to

manage and expand endowment funds that provide ongoing philanthropic support

to the Catholic mission, and in some cases, manage overall fundraising. We found

that Catholic foundations have been evolving over the past few decades and have

followed in the footsteps of other types of religious organizations, as well as secular

community foundations.

Based on our updated research of 181 Catholic dioceses, we found that Catholic

foundations continue to advance and have become a very dynamic sector of

philanthropy. Our current research shows that there are approximately 181 (earlier

study 143) foundations and that 81% of the 181 dioceses utilize separate foundations.

Since 2011, 41 new Catholic foundations have been formed and new foundations are

being planned. We also observe that there are different types of Catholic foundation

models, such as community foundations, educational foundations, healthcare

foundations, and flow-throughs. In our earlier study, we noted that only 62% of the

foundations provide any financial disclosure to the marketplace; this is changing as

a greater number of foundations are now providing financials and annual reports on

their websites.

On May 8, 2018, Catholic New York announced a major development in the Catholic

foundation sector as the Catholic dioceses of New York formed the Mother Cabrini

Mission Foundation, which is expected to be at about $3.2 billion.1

IN THIS REPORT:

Executive summary 1

Catholic foundations have 2 various objectives

Update of Catholic 4 foundation data: The growth continues

Investment update: 7 Importance of building a strategic endowment plan

Catholic foundations in 9 the news: New foundation headlines

Catholic foundation trends 10

Conclusion 11

Continued

Walter J. Dillingham Jr., CFA

Managing Director

Endowments & Foundations

Wilmington Trust, N.A.


Continued

As part of this new report, we reviewed all of the Catholic foundations in the United

States to assess their current assets and growth trends. We spoke with some

dioceses that are considering a new foundation. We completed a listing of 181

foundations in the U.S.; this includes a full listing of their asset totals, ranking, and

growth rates. We have also tracked the reporting policies of each foundation, which

will be covered in a later report. It’s estimated that there is over $9.5 billion invested

in these foundations, with the average foundation assets at $38.1 million (excluding

Mother Cabrini Health Foundation), with the median foundation at $20.0 million.

Currently, there are 42 foundations that have investment assets of over $50 million.

In this study, we also observe that the most successful foundations take a holistic

approach to their growth strategy, in that the focus is on both fundraising and

investment performance to grow their endowments. We call this a Strategic

Endowment Plan (SEP) and review the key components of an SEP. These strategies

can help a foundation expand for the long term. As part of our endowment and

foundation services, we help our clients develop a strategic endowment plan, which

includes a peer review and foundation ranking.

Catholic foundations have various objectives

As mentioned in our initial study in 2016, Catholic foundations are fundraising tools

that help dioceses (including the parishes) to be more effective in fundraising by

offering a centralized fundraising resource. At the same time, foundations also act

as an investment management vehicle, which provide professional management

and administration of planned giving/endowment funds for the diocese and related

Catholic entities. Foundations seek to grow their endowment funds because as

the endowments grow, the annual spending dollars increase for the benefit of the

Catholic mission. Finally, Catholic foundations are important fundraising vehicles for

the church in that all the funds are invested in a separate foundation that is separate

from the church.

“Traditional forms of stewardship campaigns seeking annual ‘pledges’

generally do not resonate with newer members of a church who do not

have a pledging history. Foundations help a church broaden its fundraising

perspective. Planned legacy gifts, for example, are more likely when

prospective donors see the funds are well cared for and thoughtfully dispersed

over time. Churches may also experience windfall gains when selling property

or air rights. A well-structured foundation gives the congregation a safe place

for the funds to reside and grow while members take the time needed in a

process to decide how best to use the funds to advance their mission rather

than the money burning a hole in their pockets. Matching gifts and many

grants also become accessible if the foundation is established as a separate

501c3 which does not restrict the use of funds for religious purposes. These

are among the reasons denominational and non-denominational Christian

churches have and are establishing their own foundations or accessing the

services of denominational or community foundations.”

—John Scibilia, executive director, Council for Church Advisors,

August 14, 2018


Most foundations seek to build long-term support for the church through their focus

on planned giving and endowment building. Some foundations manage all of the

dioceses fundraising, including annual appeals, Catholic Charities, and planned

giving (e.g., Diocese of Columbus). One key observation since the first study is

that Catholic foundations continue to have different philanthropic purposes, which

is highlighted in Figure 1. For example, some foundations are very specialized in

their mission such as to fundraise for the Catholic schools (e.g., Catholic Education

Foundation of the Archdiocese of Washington, Inc.), and to support community

healthcare (e.g., Catholic Health Foundation of Greater Boston, Inc.). On the other

hand, some community Catholic foundations support many programs in the diocese,

including education and healthcare (Catholic Community Foundation of the Diocese

of Richmond).

Gavan Mooney, president and chief client officer of Changing Our World Fundraising,

commented on how Catholic foundations can be set up with different purposes/

objectives:

“Strategic Funding. Most (again not all) foundations are formed not simply

to raise money, but to raise money for specific purposes for specific strategic

reasons of the diocese or archdiocese. These may include elements of

education, evangelization, infrastructure, or services. In turn, the foundation

becomes a strategic funder for those purposes. Generally, resource distribution

is not against general budget relief, but relative to specific areas of endeavor

that are seen as critical to the growth of the Church and its parishes.”

Update of Catholic foundation data: The growth continues

Catholic foundations have continued to be formed in the past year and there are

Continued

Figure 1Types of Catholic foundations

Type of foundation Objective Examples Sample foundation purpose

Catholic Foundation or Community Foundation

Focuses on many various programs in the diocese

Catholic Community Foundation of the Diocese of Richmond, VA

Helps donors achieve their charitable goals and assists parishes, schools and Catholic organizations of the Diocese.

Catholic Education Foundation

Focuses on programs related to the Catholic schools in the diocese

Catholic Education Foundation of the Archdiocese of Washington, Inc.

The purpose of the Catholic Education Foundation is to support Catholic education in the Archdio-cese of Washington

Catholic Health Foundation

Focuses on healthcare related programs in the diocese

Catholic Health Foundation of Greater Boston, Inc., MA

The purpose of the Catholic Health Foundation is to provide healthcare and healthcare services within the Archdiocese of Boston

Flow-through Foundation

Focuses on a specific program, whereas the funds are quickly spent for programs; endowments are not a focus

St. Patrick’s Cathedral Landmark Foundation, NY

Focuses on the historical restoration of St. Patrick’s Cathedral

Sources: IRS Form 990s, websites, annual reports, excludes eparchies.Sources: IRS Form 990s, websites, annual reports, excludes eparchies.


a number of foundations being formed as we speak. We expanded our list of

foundations and updated the data. According to the United States Conference of

Catholic Bishops, there are 181 archdioceses and dioceses in the U.S. (we excluded

the 17 eparchies, which are dioceses of the Eastern Catholic Church). Figure 2

provides a summary of this research and provides some key data on the use of

foundations.

There are approximately 181 Catholic foundations in the U.S, which means that 81% of

the dioceses have separate foundations. There are 26 dioceses (about 13%) that use

multiple foundations such as the Archdiocese of New York (e.g., seven foundations),

while most use one foundation. As mentioned earlier, some are full-service Catholic

foundations, which oversee all fundraising (e.g., annual appeal, endowment,

educational fundraising, etc.), while some are more focused on planned giving or

Catholic education. Many of the Catholic foundations have a regional name and

focus. In recent periods, some foundations have changed their names to reflect the

community missions and independence from the diocese (e.g., Catholic Foundation

of Brooklyn and Queens).

Since our first study, we have updated our geographic coverage of foundations. As

shown in Figure 3, most states have started foundations in their various dioceses. At

this time, Arkansas, New Hampshire and the Virgin Islands do not disclose a Catholic

foundation.

Most Catholic foundations were formed in recent decades

We explore the history of the foundations to better understand when they were

formed (see Figure 4). It is interesting to note that almost 69% of the foundations

have been formed since 2000. In the past eight years, 41 foundations were formed

and there are a number being formed as we write. Fundraising efforts were strained

in earlier periods, which resulted in the emergence of these foundations as a way for

Continued

Figure 2Dioceses using separate foundations

# of Catholic dioceses in the U.S.

181

# of Catholic foundations (includes dioceses with multiple foundations)

181

# of dioceses that use a separate foundation

147

% of dioceses that utilize a separate foundation

81%

% of dioceses with multiple foundations

26

Newest foundations:Mother Cabrini Health Founda-tion, NYC; The Catholic Foun-dation of Eastern North Carolina

2018

Oldest foundation: Catholic School Foundation of the Diocese of Sioux City, IA

1902

Sources: IRS Form 990s, websites, annual reports, excludes eparchies.

Figure 3 States/regions without Catholic foundations

Arkansas New Hampshire Virgin Islands



Continued

the Catholic Church to placate their long-term donors and build back trust. We also

highlight the foundations that have formed since our first study in 2016 in Figure

5. The three new foundations announced in 2018 are The Catholic Foundation of

Southeastern Massachusetts, the East Texas Catholic Foundation, and the Mother

Cabrini Health Foundation.

Patrick Fehring, chairman of the board of the Catholic Foundation of Michigan

(currently at $6 million in endowment assets), commented on why they decided to

start a new Catholic foundation:

“It was clear to us that there is a sincere interest from Catholics to support

Catholic organizations and incredible needs throughout the region, but no

organization to connect the two. Think how we all will benefit from a

professionally managed lay-led Catholic foundation. Think how great the

need is for Catholic values and services in today’s world. I would argue the

need is greater than ever before.”

Largest Catholic foundations continue to grow quickly

We also rank the top 10 Catholic foundations (those that disclose their data) in

Figure 4Start dates for foundations

Prior to 1940

1940– 1960

1961– 1970

1971– 1980

1981– 1990

1991– 2000

2001– 2010

2011– present

Total

# of foundations 2 3 2 11 39 46 37 41 181

% of total foundations 1% 2% 1% 6% 21% 25% 21% 23% 100%

Figure 5Foundations formed since our first study in 2016

Diocese Foundation Name Date Started

Archdiocese of New York, NY & 7 Other NY Dioceses Mother Cabrini Health Foundation 2018

Diocese of Fall River, MA The Catholic Foundation of Southeastern Massachusetts 2018

Diocese of Raleigh, NC The Catholic Foundation of Eastern North Carolina 2018

Diocese of Charleston, SC Catholic Community Foundation of South Carolina 2017

Diocese of San Diego, CA Catholic Community Foundation of San Diego 2016

Diocese of Marquette, MI Upper Peninsula Catholic Foundation 2016

Diocese of Springfield, MA Foundation of the Roman Catholic Diocese of Springfield, Inc. 2016

Diocese of Lansing, MI Catholic Foundation of the Diocese of Lansing 2016

Archdiocese of Hartford, CT Hartford Bishops Foundation 2016

Archdiocese of Detroit, MI The Catholic Foundation of Michigan 2016

Diocese of Marquette, MI Upper Peninsula Catholic Foundation 2016

Diocese of Kalamazoo, MI Catholic Foundation of Southwestern Michigan 2016

Archdiocese of Portland, OR Catholic Schools Endowment Foundation of Oregon 2016

Diocese of Burlington, VT Vermont Catholic Community Foundation 2015

Diocese of Bridgeport, CT Foundations in Education 2015



Continued

the U.S., which is listed in Figure 6. The largest Catholic foundation is now the

Mother Cabrini Health Foundation and was founded in New York State by the eight

dioceses to support healthcare efforts. This is followed by the Catholic Foundation

of Minnesota at $345 million in assets, with the Catholic Foundation of Dallas at $219

million. Most of the largest foundations are Catholic community foundations.

It is interesting to note that the 10 largest Catholic foundations represent 52%

of total foundation assets, which includes the $3.2 billion Mother Cabrini Health

Foundation, and that there are 42 foundations with over $50 million in assets. Most

foundations are growing very quickly, with the Catholic Community Foundation

of Richmond, for example, up 30% in the recent fiscal year (includes donations)

according to their June 30, 2017 annual report.

On May 8, 2018, Catholic New York announced a major development in the Catholic

foundation sector as the Catholic dioceses of New York formed the Mother Cabrini

Mission Foundation, which is expected to be at about $3.2 billion. According to a

Crain’s New York Business article:2

The foundation was created using the proceeds from the sale of the church’s

nonprofit health plan, Fidelis Care, to publicly traded Centene Corp. for $3.75

billion. That deal has received approval from the state departments of Health

and Financial Services but still needs the green light from the state Attorney

General.

Figure 6Ranking of largest 10 Catholic foundations in U.S (total long-term investments)

Rank FoundationDiocese where foundation is located

Date foundation started

Foundation type

Total long-term investments

1 Mother Cabrini Health Foundation The eight dioceses in the state of New York

2018 Healthcare $3.2 billion

2 Catholic Community Foundation of Minnesota

Archdiocese of St. Paul and Minneapolis, MN*

1992 Community $345 million

3 Catholic Foundation of Dallas Diocese of Dallas, TX 1965 Community $219 million

4 Catholic Education Foundation of Los Angeles

Archdiocese of Los Angeles, CA 1987 Education $207 million

5 Catholic Community Foundation of Los Angeles

Archdiocese of Los Angeles, CA 2014 Community $195 million

6 Catholic Community Foundation in the Archdiocese of Miami, Inc

Archdiocese of Miami, FL 1998 Community $173 million

7 Catholic Foundation of the Catholic Diocese of Columbus

Diocese of Columbus, OH 1985 Community $161 million

8 Catholic Community Foundation Inc. Archdiocese of Indianapolis, IN 1989 Community $158 million

9 Catholic Community Foundation Diocese of Cleveland, OH 2000 Community $147 million

10 New York Catholic Foundation Archdiocese ofNew York, NY 2006 Community $137 million

*Located in the Archdiocese of Saint Paul and Minneapolis but serving several dioceses in the state of Minnesota.

Source: Ranking of foundations that provided their IRS Form 990, annual report, audited financials, or were interviewed.


Continued

The charity’s endowment would make it the ninth-largest in the metro area,

according to Crain’s list of the largest foundations. It would be similar in size to

Carnegie Corp. of New York and the Simons Foundation.

Known as the Mother Cabrini Health Foundation, the new entity announced

12 board members Tuesday drawn from health care, finance and philanthropy.

They will be led by board Chair Al Kelly, CEO of Visa and a trustee at New York-

Presbyterian Hospital.

Investment update: Importance of building a strategic endowment plan

Just like secular community foundations have grown their endowments over the

years, the Catholic dioceses have observed the importance of building endowment

funds for the stability and future mission of the church.

Overall, we estimate (see Figure 7) that there is currently over $9.5 billion of total

assets invested in Catholic foundations in the U.S, versus $4.6 billion in the prior

study, which is impacted greatly by the newly formed Mother Cabrini Health

Foundation of $3.2 billion (supporting New York’s eight dioceses); new foundations

formed and other foundations were recoded that disclosed information on their

foundations.

As part of our ongoing coverage of Catholic foundations, we are able to ascertain

investment assets for each of the foundations in the U.S. We estimate that the

average foundation is at approximately $38.1 million, with the median foundation

at $20.0 million; the foundations range from under $1 million to $3.2 billion. In our

2016 report, we reviewed Catholic foundation investment strategies including a

discussion on the different investment models utilized. They vary from a stand-alone

investment consultant (all the services are separate, or unbundled) to a fully-

bundled solution (all services included under one price and one relationship) using a

discretionary manager called an Outsourced Chief Investment Officer, or OCIO).

Many of the Catholic foundations report that they have restricted assets, which

means that their foundations are comprised of funds that donors have restricted

and are perpetual in nature. For example, the Diocese of Brooklyn shows $61 million

in long-term investments, whereas $47 million, or 76% of the endowment, is donor

restricted.3 This shows that the foundations are having success in their planned

giving marketing strategies, which focus on bequests, charitable gift annuities,

charitable trusts, and endowments, just to name a few.

Figure 7Endowment investment observations*

2018 Study $ 2016 Study $ Change %

Total Foundation Assets/(# of All Foundations) $9.5 billion (181) $4.6 billion (143) 106%

Average Foundation Assets/(# of LT Foundations) $38.1 million (164)* $33.6 million (138) 13%

Median Foundation Assets/(# of LT Foundations) $20.0 million (173) $16.6 million (138) 21%

* Excludes the $3.2B NY Mother Cabrini Health Foundation.


Taking a holistic approach to endowment/foundation management

One key observation from our study is how there has been significant growth at

many of the Catholic foundations, which is shown in Figure 8. As with all types of

public charities (fundraising foundations), the most successful foundations grow

themselves most effectively by focusing on both their fundraising and investing

strategies, hand-in-hand. This is crucial because over the next decade, future

portfolio returns are expected to be lower than historical returns, which will limit

the growth of the investments from an internal performance perspective. It will

be crucial to look externally to grow the endowment through new gifts. Thus

the fundraising side of the program will have a great impact for endowments/

foundations as a key way to grow. For example, planned giving strategies are a very

important way to increase endowment/foundation funds.

Started in 1983, Andrea Krupp, executive director of the Catholic Foundation of

Rhode Island, commented on the importance of planned gifts as a way to grow the

foundation from the fundraising side. “These gifts are managed in such a way as to

optimize income and/or estate tax savings, to provide a secure income, or to advance

particular charitable interests, while building the Catholic endowment and creating

an enduring legacy.”

Developing an endowment plan: The strategic endowment plan

One way to memorialize the growth strategy of a foundation is to develop a

comprehensive game plan or a strategic endowment plan (SEP). The SEP provides a

summary of the nonprofit endowment/foundation’s history as well as its goals and

future growth strategies. The SEP complements the investment policy statement

and gift acceptance policy. It also requires a dialogue between the finance staff and

development staff, which is a very important relationship. Here is an example of

some of the areas that can be included in an SEP.

“The most successful endowment

committees recognize that an

endowment fund can be grown

more effectively and quickly

through additional contributions

than through investment returns.”

—Lutheran Community Foundation

Figure 8Catholic foundations: Sampling of most recent growth rates

Growth rate ranking Catholic foundation U.S. region Most recent annual growth rate

1 Foundation A Northeast 267%

2 Foundation B Southeast 52.5%

3 Foundation C Northeast 38.6%

4 Foundation D Northeast 33.7%

5 Foundation E Northeast 30.5%

6 Foundation F Northeast 25.7%

7 Foundation G Southwest 22.2%

8 Foundation H Southwest 20.3%

9 Foundation I Southwest 18.9%

10 Foundation J Southwest 17.8%

Assumes: This list includes foundations over $25M and looks at their most recent published information. Source: IRS Form 990s, websites, annual reports. Sample of 50 foundations.

Continued

To read more about Wilmington

Trust’s outlook for markets and the

economy, please visit our dedicated

Capital Markets Forecast resource

center.


Strategic endowment plan summary: Endowments & foundations

History of the Foundation

• Why and how was the foundation started?

• What is the objective of the foundation?

• What is the asset level goal of the foundation?

Increasing the Foundation Assets Through Fundraising

• What are the different ways to grow the foundation assets?

• How can fundraising benefit a foundation?

• How do your peer organizations build endowment?

Increasing the Foundation Assets Through Investment Management

• What are the growth expectations of the endowment/foundation?

• Are these realistic given current markets?

• Are the investments on track?

• Does the current asset allocation make sense?

Endowment Game Plan

• What type of endowment disclosure:

– Is there a named endowment process?

• Are we receiving value added services from our advisor?

• Do we complete an annual peer analysis to compare the Catholic

foundation against other foundations?

• Have we considered an investment advisory RFP process?

• What are the endowment/foundation trends we are following?

Catholic foundations in the news:New foundation headlines

Catholic Foundations continue to be a

fast growing sector and we continue to

follow their headlines and track related

trends across the U.S. Please see some

important examples below:

Mother Cabrini Health Foundation to

Serve New Yorkers in Need

Catholic New York; May 8, 2018

Seeking Director of Newly-formed

Catholic Foundation (The Catholic

Foundation of Southeastern Massachu-

setts)

The Anchor; January 10, 2018

New Catholic Foundation Releases

Annual Report

Diocese of Marquette website: February

13, 2018

New Lay-led Catholic Philanthropy

Effort Seeks to Be a Conduit of Giving

The Michigan Catholic; October 5, 2017

Vermont Catholic Community

Foundation Tops $10 Million

Vermont Catholic; October 31, 2017

Hartford Bishop’s Foundation Funds

New Initiatives in Catholic Education

and Faith Formation

Catholic Transcript online; March 4, 2018

Continued


Catholic foundation trends

1. It’s an evolving industry with many different models. It’s a “tale of two cities”

where there are both large and very small foundations.

2. New foundations have been formed, and a number of dioceses are

developing strategic plans to form new foundations.

3. Some foundations operate closely to the diocese, even though they promote

their independence from the church. Some foundations are moving towards

the independent foundation model.

4. More foundations are rebranding and developing broader missions as a result

of legal and donor concerns.

5. Foundations are starting to invest and build their fundraising/governance

infrastructure as well as provide additional financial disclosure.

6. Foundations continue to seek more Catholic foundation industry and

comparative data to help them be more successful.

Current U.S. Catholic foundation statistics

• 181 separate Catholic foundations are in the U.S., which represent 181 dioceses. More foundations being formed

• 81% of dioceses have separate foundations

• 26 dioceses utilize multiple foundations for different purposes

• Total U.S. long-term foundation investments are over $9.5 billion

• Average and median foundations size are $38.1 million and $20 million, respectively

• Top 10 foundations have 52% of all assets, with 42 foundations with over $50 million

• Three largest foundations: Mother Cabrini; St. Paul, MN; Dallas

• Many foundation assets are growing quickly

• A holistic approach is helping foundations grow

• States/regions having no Catholic foundations: Arkansas, New Hampshire, Virgin Islands

• There are examples of greater disclosure and marketing (to be covered in a new report over the next couple of years)

Continued


Conclusion

This updated research report shows that Catholic foundations have become a

national trend and continue to advance at a fast pace in the United States. Catholic

foundations have been evolving over the past few decades and have followed in the

footsteps of other types of religious organizations, as well as secular community

foundations.

Based on our updated research, there are now approximately 181 (earlier study 143)

foundations and that 81% of the 181 dioceses utilize separate foundations. A number

of dioceses have formed or plan to form new foundations. We also observe that there

are different types of Catholic foundation models, such as community foundations,

educational foundations, and healthcare foundations. In our earlier study, we noted

that only 62% of the foundations provide any financial disclosure to the marketplace;

this is changing as a greater number of foundations are now providing financials and

annual reports on their websites.

As part of this new report, we reviewed all of the Catholic foundations in the United

States to get their current assets and growth trends. We spoke with a number of

foundations that are considering a new foundation or just starting a new foundation.

We completed a listing of 181 foundations in the U.S; this includes a full listing of their

asset totals, ranking, and growth rates. We have also tracked the reporting policies of

each foundation, which will be covered in a later report. Its estimates that there are

over $9.5 billion invested in these foundations, with the average foundation assets at

$38.1 million and the median foundation at $20 million. There are 42 foundations that

have investment assets over $50 million.

“It is no coincidence the growth of Catholic foundations since the 1980’s closely

mirrors the steady increase in planned gifts and legacies by Catholics through-

out the country. Consistent with philanthropic growth in other nonprofit sectors,

Catholic foundations and community foundations are witnessing new levels of

generosity and importance. Recent studies have indicated that high net worth

individuals have adjusted their giving behavior and are thus far more discerning

about their choices of charities. In addition, donors are particularly interested in

how impactful their philanthropy and stewardship will be and how it can foster

a significant difference to support a specific mission. Catholics for decades have

been extraordinarily generous and they intend their resources to provide for

sustainable impact as they cherish the outreach to the poor, the underserved,

the aged, and those seeking a quality faith-based education.”

—Thomas Kissane, Principal & Managing Director, CCS Fundraising

As we help our endowment and foundation clients throughout the U.S., we will

continue to focus on the development of a strategic endowment plan, which helps a

Catholic foundation to memorialize their growth plan and develop strategies to get

there. The strategic endowment plan helps a Catholic foundation to focus on a holistic

approach, which includes both endowment performance and endowment fundraising.

Catholic foundations will continue to be a fast growing philanthropic sector.

Continued

12 ©2019 Wilmington Trust Corporation and its affiliates. All rights reserved. 19146 2-2019

Our New York-based Endowments and Foundations Team assists non-for-profit

organizations, including faith-based organizations, throughout the Northeast

and nationally in meeting their investment and philanthropic needs. We provide

value-added services that go beyond the investment relationship, such as an

ongoing Philanthropic Speaker Series, nonprofit sector white papers, and special-

ized peer reviews. We work with our endowment clients as a full-service advisor

or as a single investment solution provider. We have helped our clients complete a

competitive analysis (peer review) and strategic endowment plan, which is part of

our full-service, value-added approach.

Walter specializes in serving endowments, foundations, and healthcare organizations

as part of a dedicated endowment and foundation advisory team in the Northeast

region, which also supports the firm’s national effort in the endowment and

foundation marketplace. Walter and his team work closely with their not-for-profit

clients to help them achieve both their investment and philanthropic objectives.

He has authored original research on a number of nonprofit sector, including

hospitals, community colleges, public libraries, private schools, and religious

organizations, that have been covered by the financial press. Walter has nearly three

decades of financial services industry experience. He holds an MS in philanthropy

from New York University, an MBA from Babson College, and a BA in economics from

Bates College. Walter is an adjunct professor at NYU and teaches Endowment

Concepts & Practices.

This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial

product or service or as a determination that any investment strategy is suitable for a specific investor. Investors should

seek financial advice regarding the suitability of any investment strategy based on their objectives, financial situations,

and particular needs. This article is not designed or intended to provide financial, tax, legal, accounting, or other

professional advice since such advice always requires consideration of individual circumstances. If professional advice is

needed, the services of a professional advisor should be sought.

The information in this document has been obtained from sources believed to be reliable, but its accuracy and com-

pleteness are not guaranteed.

Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank

Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank, and certain

other affiliates, provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment

management, and other services. International corporate and institutional services are offered through Wilmington

Trust Corporation’s international affiliates. Loans, credit cards, retail and business deposits, and other business and

personal banking services and products are offered by M&T Bank, member FDIC.

Investment Products: Are NOT Deposits | Are NOT FDIC Insured | Are NOT Insured By Any Federal Government

Agency |Have NO Bank Guarantee | May Go Down In Value

Walter J. Dillingham Jr., CFAManaging Director

Endowments & FoundationsWilmington Trust, N.A.

350 Park Ave. New York, NY 10022

212.415.0528

[email protected]

SOURCES

1. “Mother Cabrini Health Foundation To Serve New Yorkers in Need,” Catholic New York, May 8, 2018.

2. Crain’s New York Business: “Catholic Church Creates $3.2 Billion Health Foundation from Fidelis Sale;” May 8, 2018.

Jonathan Lamantia.

3. Listed on the Diocese of Brooklyn NY, website.

Documents

An update on the Catholic foundation marketplace · Update of Catholic 4 foundation data: The growth continues Investment update: 7 Importance of building a strategic endowment plan